Photographer Leibovitz Could Lose Portfolio Due to Debt
Tuesday, September 8th, 2009NEW YORK (CNN) — Celebrity could lose the right to her entire portfolio of world-famous photographs if she doesn’t meet a Tuesday deadline to pay back a $24 million loan she is alleged to owe.
Leibovitz, who has photographed everyone from the Rolling Stones to Queen Elizabeth II, put her art, intellectual property and even real estate assets up for collateral last year when she consolidated her massive debts.
Art Capital Group, which restructured the debts, claims it agreed with Leibovitz that it could sell her assets if she didn’t pay back the loan by Tuesday.
Now Art Capital is suing Leibovitz for breach of contract, claiming she has not repaid the money and is blocking the company’s right to sell her works and assets. It says she has vowed not to cooperate with Art Capital and has failed to pay invoices to the company. Read CNN full story here
Photographer Annie Leibovitz’s loan repayment due
STORY HIGHLIGHTS: Leibovitz’s breach of contract, owes 24 million
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POSTED BY: Holly Heels
















